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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

6. Business income

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

A person’s income from a business for a year of assessment shall be the person’s gains and profits from conducting the business for the year.

(2)

In calculating a person’s gains and profits from conducting a business for a year of assessment the following amounts derived by the person during the year of assessment from the business shall be included–

(a)

service fees;

(b)

consideration received in respect of trading stock;

(c)

gains from the realisation of capital assets and liabilities of the business as calculated under

Chapter IV;

(d)

amounts required to be included by the Second or

Fourth Schedule to this Act on the realisation of the person’s depreciable assets of the business;

(e)

amounts derived as consideration for accepting a restriction on the capacity to conduct the business;

(f)

gifts received by the person in respect of the business;

(g)

amounts derived that are effectively connected with the business and that would otherwise be included in calculating the person’s income from an investment; and

(h)

other amounts required to be included under this

Act.

(3)

In calculating a person’s gains and profits from conducting a business for a year of assessment the following shall be excluded:-

(a)

exempt amounts and final withholding payments;

and

(b)

amounts that are included in calculating the person’s income from an employment.

Read on from s 7

Part II

Read on from Part II

Schedules